Jurisdictional Conundrum in Digital Banking Frauds
Reinvestigation of the Effectiveness of International Conventional Laws vs. Contemporary Approaches on Cyberspace
DOI:
https://doi.org/10.52028/rbadr.v7.i13.ART13.INKeywords:
Alternative Dispute Resolution, Jurisdiction, Electronic banking, Electronic commerce, TransactionAbstract
Using a digital banking platform is crucial and unavoidable and as a result, it is essential to think about the possible legal repercussions of the expansion and development of electronic banking. However, the absence of online dispute-resolution systems will pose a significant barrier to expanding electronic banking. With this in mind, it proposes that the expansion of electronic banking can be maximized by adopting an online alternative dispute resolution (OADR) system, which it claims will replace traditional forms of ADR such as arbitration and mediation. This study contends that the potential for and methods of resolving conflicts arising from online activity, especially in the commercial setting, has expanded in recent years. Alternative dispute resolution mechanisms are much more critical than ever since the Internet has quickly made it possible to undertake minor transactions across jurisdictional borders. This paper makes a strong case for the use of OADR systems in e-commerce and cyberwarfare jurisdiction, and it puts forth the idea that rapidly developing digital technological frauds, especially in the banking sector, are essential in giving internet users access to facilities for dispute resolution, mainly when stakeholders are situated in various jurisdictions.
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